New Enlightenment

In this conversation, Adam Dixon and Samuel Gregg delve into the life and influence of Friedrich Hayek, a pivotal figure in classical liberal thought. They explore Hayek's multifaceted approach to economics and politics, his critiques of collectivism, and the contemporary misinterpretations of his ideas as far-right. The discussion also touches on Hayek's vision for a balanced state that plays a crucial role in society while allowing markets to function effectively. They delve into the resurgence of neo-mercantilism, and the implications of industrial policy in the context of national security. The discussion highlights the complexities of modern economic arrangements and the challenges posed by state capitalism and corporatism. Takeaways Hayek is considered the most influential classical liberal of the 20th century. His work is often mischaracterised as anti-democratic or far-right. Economic globalisation has led to both wealth and disruption. Hayek was critical of economic nationalism and populism. He emphasised the importance of civil society alongside market and state functions. Hayek's critiques of collectivism stem from historical perspectives on enlightenment thought. His ideas remain relevant in discussions about modern economic policy. The labelling of thinkers like Hayek as far-right is often a misunderstanding of their broader views. Hayek's views are often misrepresented as solely market driven. Today's global economy reflects a resurgence of mercantilism. China exemplifies a neo-mercantilist approach to capitalism. National security concerns can blur the lines of acceptable industrial policy. Hayek emphasised the importance of long-term economic thinking. Adam Smith's Panmure House: ⁠⁠Website⁠⁠ Adam Dixon: ⁠⁠On X⁠⁠ ⁠⁠On LinkedIn⁠ Samuel Gregg: ⁠On X ⁠ ⁠On LinkedIn ⁠⁠https://aier.org/author/samuel-gregg/

In this conversation, Adam Dixon and Kerry Brown explore the intricate historical relationship between Britain and China, spanning over 400 years. They discuss the importance of understanding this history in the context of contemporary geopolitics, particularly as tensions rise between the West and China. Brown emphasizes the need for a historical perspective to navigate current challenges, highlighting the evolution of Chinese nationalism and the impact of Xi Jinping's leadership. The discussion also touches on the Enlightenment's fascination with China, Britain's colonial legacy, and the complexities of modern Chinese identity and governance. Takeaways: China has a deeper understanding of the West than vice versa. The Enlightenment thinkers had a complex view of China. Britain's colonial actions had lasting impacts on China. Chinese nationalism emerged as a response to foreign influence. Xi Jinping's leadership reflects a shift in China's global stance. Dialogue between China and the West is essential for mutual understanding. The history of Britain and China is marked by both conflict and collaboration.  The future of China and the West depends on continued engagement. Adam Smith's Panmure House: ⁠Website⁠ Adam Dixon: ⁠On X⁠ ⁠On LinkedIn Kerry Brown: On X On LinkedIn https://www.kcl.ac.uk/people/kerry-brown https://yalebooks.co.uk/book/9780300272925/the-great-reversal/

In this episode we are joined by Ryan Streeter, the Executive Director of the Civitas Institute at the University of Texas at Austin. The conversation explores the emergence of new schools of civic leadership in response to perceived ideological monocultures on university campuses, the importance of open inquiry and critical thinking in education, and the challenges of fostering economic dynamism in both the U.S. and the UK. Adam Smith's Panmure House: ⁠Website⁠ Adam Dixon: ⁠On X⁠ ⁠On LinkedIn Ryan Streeter: Civitas Institute LinkedIn University of Texas School of Civic Leadership

This conversation with Niall Ferguson unpacks the state of Western universities today. Our conversation begins with a discussion on the importance of the Scottish Enlightenment in shaping the modern world. We then discuss the growing illiberalism at Western university, considering the reasons behind the upstart University of Austin. Adam Smith's Panmure House: ⁠⁠Website⁠⁠ Adam Dixon: ⁠⁠On X⁠⁠ ⁠⁠On LinkedIn⁠ Niall Ferguson: ⁠On X

In this episode, we are joined by Matthias Thiemann to discuss the need for a real debate on the role of central banks in keeping capitalism and financial markets afloat. The episode focuses on central bank actions in the wake of the 2008 financial crisis and recently during the COVID pandemic. We explore the debates around allowing central banks to regulate and monitor financial market actors, noting specifically the actions of the Trump Administration to prevent this. Takeaways The independence of central banks is seen as a way to prevent political interference, but it also raises concerns about accountability and the potential for inequality. Quantitative easing programmes implemented by central banks have contributed to wealth inequality. There is a need for a real debate on the role of central banks in maintaining financial stability and the potential consequences of their actions. Market liberals often advocate for minimal regulation but some are quick to seek bailouts when the system collapses. The influence of hedge fund managers and their opposition to regulation is a significant factor in the politics of financial regulation. The high leverage of hedge funds and their fragility pose a systemic risk to the financial system. Adam Smith's Panmure House: ⁠Website⁠ Adam Dixon: ⁠On X⁠ ⁠On LinkedIn Matthias Thiemann: Sciences Po On X On LinkedIn Taming the Cycles of Finance

Tina Fordham, a leading independent strategist and advisor and founder of Fordham Global Insight, discusses the changing landscape of geopolitics and its impact on the global economy. She highlights the need for a holistic approach to understanding geopolitical risks and challenges the effectiveness of AI and machine learning in predicting human behaviour. Fordham also shares her insights on the upcoming US elections and emphasises the importance of considering historical context and avoiding projection when analysing political events. The conversation explores the upcoming US election and its implications for the post-World War II liberal order, the Democratic National Convention, and the future of the transatlantic relationship. It also touches on the unpredictability of the election outcome, and the impact of geopolitical tensions. The conversation concludes with a discussion on the potential consequences if Iran acts militarily against Israel. Takeaways Geopolitical analysis requires a holistic approach that combines data analysis with historical context and an understanding of human behaviour. AI and machine learning have limitations in predicting geopolitical risks due to the complexity of human behaviour. The global economy has experienced significant changes in the past 15 years, and the idea of returning to a 'normal' state is unrealistic. Perceptions of geopolitical events often lag behind the reality, and there is a need for better education on recent history and current global trends. The upcoming US elections are unpredictable, and it is important to consider multiple factors and avoid projecting personal biases. The US election will have significant implications for the post-World War II liberal order and the future of the transatlantic relationship. The Democratic National Convention is focused on party cohesion and introducing Kamala Harris as Joe Biden's running mate. The outcome of the election remains uncertain, and there may be more surprises to come. Geopolitical tensions, such as those in the Middle East, could impact the election and global stability. Iran's actions in the Middle East could have fundamental destabilising effects. Adam Smith's Panmure House Adam Dixon Fordham Global Tina Fordham

In this episode, we sit down with influential Oxford University management scholar Colin Mayer to discuss the purpose business and his new book 'Capitalism and Crises'. The discussion explores the need to rethink the purpose of corporations. The current focus on profit is flawed. Mayer proposes that the purpose of business should be to produce profitable solutions for the problems of people and the planet, without profiting from creating harm. He acknowledges the benefits of capitalism but also recognises the increasing threats and crises it is causing. Mayer suggests that by aligning business goals with solving societal and environmental problems, we can achieve greater growth and prosperity while avoiding the problems we currently face. Takeaways The purpose of business should be to produce profitable solutions for the problems of people and the planet. Businesses should not profit from creating problems for others. Capitalism has brought immense prosperity but is also causing increasing threats and crises. Aligning business goals with solving societal and environmental problems can lead to greater growth and prosperity while avoiding current problems. Embedding the purpose of companies in their intrinsic formulation is crucial. Litigation would focus on the governance and values of companies, not specific harms. The concept of corporate purpose can be diffused across different political economies. Technology will play a significant role in holding businesses accountable. Adam Smith's Panmure House: Website Adam Dixon: On X  Colin Mayer Capitalism and Crises

In this episode, we welcome Ilias Alami to discuss state capitalism and his new book, co-authored with Adam Dixon, The Spectre of State Capitalism. We discuss why we are currently witnessing a historic arc in the trajectories of state intervention, characterised by a drastic reconfiguration of the state's role as promoter, supervisor, shareholder-investor, and direct owner of capital across the world economy. We discuss why the new state capitalism is rooted in deep geopolitical economic and financial processes pertaining to the secular development of global capitalism, as much as it is the product of the geo-economic agency of states and the global corporate strategies of leading firms. We discuss the growing fusion of private and state capital, and the development of flexible and liquid forms of property that collapse the distinction between state and private ownership, control, and management. This has fundamental implications for the nature and operations of global capitalism and world politics. Takeaways The expansion of the state's role in the economy is a response to structural transformations in global capitalism and not primarily an ideological shift. Understanding state capitalism requires a global outlook and an analysis of transnational connections and inter-referentiality. The material transformations in the global economy have triggered ideological and ideational adjustments regarding the role of the state in the economy. State capitalism is not limited to a specific political ideology and is observable across different political systems. The integration of state-owned enterprises in global trade and finance has led to a new form of state ownership that mimics private sector practices. Adam Smith's Panmure House: Website Adam Dixon: On X On LinkedIn Ilias Alami: On X On LinkedIn https://www.devstudies.cam.ac.uk/staff/dr-ilias-alami https://global.oup.com/academic/product/the-spectre-of-state-capitalism-9780198925194?view=Grid&facet_narrowbyproducttype_facet=Digital&lang=en&cc=st

In this episode, we welcome Dan Klein to discuss the rise and implications of hate speech and hate crimes laws. The discussion touches on hate as a philosophical concept, delving into Adam Smith's perspective on hate and the asymmetry of social and unsocial passions. We discuss the universal nature of hate and the cultural and societal factors that influence its expression. The conversation raises questions about the politics behind hate crime and hate speech legislation. Klein questions the need for enhanced penalties for certain motivations, arguing that it creates inequality between different types of wrongdoings. We also discuss the idea that character traits should not be punished by the law and express concerns about the potential abuse of power and censorship. The conversation closes with a discussion of the importance of viewpoint diversity and fostering open dialogue. Takeaways Hate speech and hate crime legislation is on the rise, with a distinction between criminalising certain forms of speech and enhancing penalties for crimes motivated by perceived bias. Adam Smith emphasised the asymmetry of social and unsocial passions, urging individuals to tamp down unsocial passions and be cautious in expressing them. The cultivation of proper sentiments, including the management of hate, is a cultural and societal process that requires good examples, exemplars, and a bottom-up approach. Hate crime legislation raises concerns about defining hate and its potential manipulation for political and cultural agendas, highlighting the need for careful consideration and balance in addressing hate. Enhanced penalties for certain motivations in hate crimes can create inequality between different types of wrongdoings. Punishing character traits through the law is dangerous and goes against the principles of classical liberalism. There is a concern about the abuse of power and the potential for censorship in the enforcement of hate crimes and hate speech laws. Adam Smith's Panmure House Adam Dixon Dan Klein - Mercatus Center Dan Klein - George Mason University Adam Smith Program

In this episode, we sit down with Jan Bebbington, Professor of Sustainability in Business, to discuss the evolving landscape of social and environmental accounting. We explore sustainability accounting in helping organisations contribute to achieving the Sustainable Development Goals (SDGs). She emphasises the need for organisations to navigate the complexities of achieving multiple SDGs simultaneously and the importance of collaboration and partnership. Bebbington acknowledges the challenges of transitioning to a sustainable economy and the need for innovative solutions and collective action. The conversation explores the challenges of integrating sustainability into financial and operational practices. It discusses the misconception that organisations need to maximise profits and highlights the importance of nuanced business purposes. The conversation also delves into the complexities of decision-making in a non-linear ecological context and the need for traceability in supply chains. It explores the emergence of import bans on materials associated with deforestation and the implications for businesses. The future of sustainability accounting is discussed, including the mainstreaming of environmental and social reporting and the challenges of audit and assurance. The conversation concludes with a focus on the changing domains of responsibility and the need for businesses to align with the spirit of sustainability regulations. Takeaways Sustainability accounting involves using accounting technologies to create organisational control and accountability for sustainable development. The Sustainable Development Goals (SDGs) provide a framework for organisations to contribute to sustainable development. Achieving the SDGs requires navigating the complexities of multiple goals and collaborating with various stakeholders. Transitioning to a sustainable economy is a complex task that requires innovation, experimentation, and collective action. Organisations do not need to maximise profits; their purposes are often more nuanced and focused on returns that support the well-being of stakeholders. Decision-making in a non-linear ecological context is complex and requires accounting for impacts and dependencies. Traceability in supply chains is crucial as organisations are increasingly held responsible for the actions of their suppliers. Import bans on materials associated with deforestation are emerging as a form of governance, creating challenges for businesses in terms of traceability and market access. The future of sustainability accounting involves mainstreaming environmental and social reporting, as well as addressing the complexities of audit and assurance. Businesses need to align with the spirit of sustainability regulations and focus on the purpose and impact of their operations. Adam Smith's Panmure House Adam Dixon Jan Bebbington Jan Bebbington at Lancaster University